Corning (NYSE:GLW) Upgraded at StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

A number of other equities analysts have also recently commented on the company. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays lifted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

NYSE:GLW opened at $49.15 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock’s 50-day simple moving average is $47.04 and its 200 day simple moving average is $42.80. The company has a market cap of $42.08 billion, a P/E ratio of 289.12, a P/E/G ratio of 1.57 and a beta of 1.03. Corning has a 52-week low of $28.30 and a 52-week high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company posted $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Corning will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. MBB Public Markets I LLC raised its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. FMR LLC raised its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Corning during the second quarter valued at approximately $511,000. Transamerica Financial Advisors Inc. raised its position in Corning by 529.6% during the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after purchasing an additional 13,907 shares in the last quarter. Finally, National Pension Service raised its position in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.